Analyst, John Janedis, said, "CBS 2Q OIBDA of $901M beat our Street-high $869M (Street: $857M) with the upside primarily in Entertainment (NCAA shift and syndication). Revenues were in line with our est at $3.48B, but light vs. the Street ($3.53B). We are tweaking our 3Q/ 4Q estimates to $0.65/ $0.76 vs. our prior $0.64/ $0.75, including higher retrans, the sale of CSI: Miami to Netflix (Nasdaq: NFLX) ($0.02), $50M/qtr more in share repurchases, offset by lower network ad growth. The earnings momentum story of the past two years continues to play out."

FY12 EPS estimate raised from $2.52 to $2.60 and FY13 from $2.86 to $2.90.

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